Oil & Gas expert James Arukhe emphasizes that Nigeria needs collaboration between government and private entities, alongside strategic investments, to fulfil its domestic and international energy commitments.

“Meeting these obligations requires investments in infrastructure, technology, security, environmental sustainability, and human capital,” Arukhe stated. “Policy reforms are also crucial.”

He emphasizes the importance of achieving a win-win scenario for both parties: “Increased revenue for Nigeria can be achieved through mutual respect and collaboration, addressing both immediate operational efficiency challenges and long-term oil sector sustainability.”

With a rich background as a senior engineer and educator, Arukhe has shaped the production operations of the world’s largest oilfields, including those of Saudi Aramco, Shell, Chevron, Exxon Mobil, and Petro-Canada.

Arukhe’s portfolio of innovation, marked by over 40 U.S. patents, underscores his commitment to advancing the oil and gas sector through technology. Notably, his patented turbine-powered pump systems for enhancing oil recovery, U.S. Patent No. 11,391,132, exemplifies his approach to tackling operational efficiencies and maximizing output, which could be particularly transformative for Nigeria’s oil production landscape.

Arukhe stresses that private investment is contingent on government commitment. “Industry practitioners believe President Bola Tinubu’s oil & gas experience and as Minister of Petroleum, is a positive step for the sector,” he adds.

A distinguished lecturer for SPE (2020-21), Arukhe emphasizes the need for technological advancements: “Investments in digital oilfield technologies, enhanced oil recovery (EOR) techniques, and real-time monitoring systems are essential to optimize production processes and minimize downtime.”

While facing pressure from the West to shift away from fossil fuels, Nigeria plans to continue exploration. Minister of State for Petroleum Resources, Heineken Lokpobiri, recently stated this intention at an energy summit in Abuja.

Arukhe said Nigeria could adopt Brazil’s model of Public-Private Partnerships (PPPs) and policy reforms that spurred investments in deep-water oil reserves to enhance its oil production capabilities. Key strategies include streamlining regulatory processes for exploration and production licenses, offering fiscal incentives to attract private investment, and facilitating technology and expertise sharing between private firms and the Nigerian National Petroleum Corporation (NNPC).

These measures, inspired by Brazil’s success with Petrobras and international oil companies, could significantly boost Nigeria’s oil sector, he added.

On environmental concerns, he stated that investments should focus on cleaner technologies like carbon capture and renewable energy integration. Implementing effective oil spill management systems and aligning with international environmental standards will minimize ecological impact.

‘’These measures will contribute to sustainable operations, balancing production efficiency with environmental protection, and align with global climate change initiatives’’, he asserted.

“What Government Must Do To Make Petrol Price Reduce By N70/ltr”– Marketers Reveal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Oil marketers have said local refining will save at least N70 per litre off petrol price when it is fully operational.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said this while speaking on the benefits of the Federal Government investing in functional refineries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He told The PUNCH on Wednesday, that although the contracts for revamping of refineries had been awarded, it would be a great development for repairs to be completed as soon as possible, to ease the stress and huge finance of importation on the country.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He said, “The contract has been awarded already before the new government came into office. IPMAN doesn’t know the context of the contract, but if the refineries are working, it would cut freight and ship-to-ship transfer costs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Not less than N60/N70 per litre will be off if the refineries start working.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He listed other benefits ofthe  operational local refining as the reduction in insurance costs, reduction in product delivery time, and increase in employment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to him, “Cost of insurance would reduce, and then if we keep importing, it takes about 30 days for ships to arrive in Nigeria and we would have to pay for hiring the vessel.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“But if we refine in the country, products would arrive within one day. There will also be more jobs for the masses. It’s a lot of benefits.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A former Chairman of the Major Oil Marketers Association of Nigeria and Chairman/Chief Executive of 11 Plc, Tunji Oyebanji, said marketers did not prefer product importation over local production.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“We want local refineries to work because we don’t enjoy importing,” he said.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nigeria still relied heavily on petrol importation due to a lack of functional local refineries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Since the removal of subsidies on May 29, prices of petrol had shot up tremendously, rising from about N198/N200 per litre to N617 per litre.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local consumption has since dropped by 30 per cent from 66 million litres per day recorded before subsidies removal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

National President, of IPMAN, Chinedu Oknokwo, during the House of Representatives Public Hearing held on Tuesday, said in proffering solutions to the animated social problems of pump price increase of petroleum products, there was a need to quickly adopt the global alternative clean energy concept of Compressed Natural Gas.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to him, CNG would help in powering homes, public and official and private establishments with very minimal costs when compared with other costs.